Increased demand and usage for data-driven solutions, market risk & fraud detection and technology-driven customer services across the industries are expected to drive this market growth.

BANGALORE, India – 5th April 2018

Infoholic Research LLP, a global market research and consulting organization, has published a study titled “Global Intelligent Virtual Assistant Market: Drivers, Restraints, Opportunities, Trends, and Forecasts up to 2023” (April 2018).

According to Infoholic Research, the global Global Intelligent Virtual Assistant (IVA) Market is expected to witness huge growth potential from a wide range of industries as the demand for more personalized services and voice assistants are becoming popular across the globe. The increasing demand to offer real-time voice assistance by the enterprises are largely responsible for the growing penetration of the market.

The Global Intelligent Virtual Assistant Market is estimated to grow at a CAGR of 46.6% during the forecast period 2017–2023.

The market is segmented as Enterprise IVA and Consumer IVA. The consumer and enterprise IVA have some similarities in IVA development platforms. The leading brands, retail companies, and banks are focusing on adopting enterprise IVAs as the AI platforms allow them to offer 24/7 customer support. This feature helps companies to enhance brand equity.

The consumer IVAs are expected to become a major revenue source for companies through 2023. However, the consumer IVA market currently accounts for lesser market share compared to that of the enterprise IVAs.

Enterprise IVA trends:

The IVAs in 2018 are focusing on understanding the online shopping habits of the users which could drive them to enter into the e-commerce market space

By 2021, over 82% of the enterprises are expected to adopt IVAs across the globe

By 2025, over 85% of the customer interactions will be done by IVAs

Consumer IVA trends:

By 2021, over 75% of the customers are expected to adopt IVAs on a regular basis

Personal financial services are expected to appear as a new business model for the companies

By 2021, the connected car market will open new revenue opportunities for the consumer IVA developers

“TheconsumerIVA market is expected to grow at a higher rate compared to the enterprise IVA owing to the increasing focus on mobile commerce by the enterprises. The AI systems being used in the IVAs are not capable enough to offer consumer centric services yet, however, this is expected to change by 2023 with the launch of more powerful self-learning AI systems in IVAs.” – Srujan, Research Analyst at Infoholic Research

The report covers the current scenario and growth prospects of the Global Intelligent Virtual Assistant Market during the forecast period 2017–2023.